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Vietnam’s GDP growth ranges 5.8 - 6.9% in 2023-24: int’l organizations

Vietnam’s GDP growth ranges 5.8 - 6.9% in 2023-24: int’l organizations

Saturday, June 03, 2023, 17:02 GMT+7
Vietnam’s GDP growth ranges 5.8 - 6.9% in 2023-24: int’l organizations
This image shows the Vietnamese government’s monthly meeting for May 2023 under the chair of Prime Minister Pham Minh Chinh in Hanoi on June 3, 2023. Photo: VGP

Vietnam may achieve an economic growth of 5.8 percent at least in 2023 and 6.9 percent at most next year, but there remain a lot of challenges to overcome, according to the predictions by many international organizations.

These forecasts were released Friday at the Government’s monthly meeting for May under the chair of Prime Minister Pham Minh Chinh, focusing on reviews of the socio-economic development in the past five months and set out tasks for the remaining months of the year.

In a report to the meeting, the Ministry of Planning and Investment said that international organizations continue highly valuing Vietnam’s economic growth prospects in 2023 as well as next year. 

The International Monetary Foundation (IMF) has forecasted that Vietnam may achieve GDP growths of 5.8 and 6.9 percent in 2023 and 2024, respectively, while the corresponding figures projected by the Organization for Economic Cooperation and Development (OECD), the Asian Development Bank (ADB) and the World Bank (WB) are 6.5 and 6.6 percent, 6.5 and 6.8 percent, and 6.3 and 6.5 percent.

However, the national economy will continue facing many complicated and unpredictable risks and fluctuations, which may come from the slow recovery of its major trading partners, and from the pressure of the global inflation that is assessed to be slowing down but still at high levels.

Among other challenges are the trend to tighten monetary policies in many countries to control inflation; the risk of disruption in global value chains; and problems related to energy security, food security, natural disasters, epidemics, and climate change.

Therefore, the ministry has proposed the government to adopt a number of solutions to support enterprises as well as people to help them overcome difficulties.

Over the past five months, the country’s macroeconomic conditions were kept stable and its inflation was under control thanks to the government’s timely policies and directions, despite the fact that the world economy has been facing complicated and unpredictable changes, said Minister Nguyen Chi Dung. 

The average consumer price index (CPI) in the past five months increased by 3.55 percent from a year earlier, while manufacturing and business activities continued to improve.

The index of industrial production (IIP) in May was estimated to increase by 2.2 percent from April and by 0.1 percent year on year.

Addressing the meeting, PM Chinh directed all relevant ministries and localities to take solutions to remove obstacles to enterprises’ operations, support exporters in searching and expanding new markets, continue improving administrative procedures, and promote application of science, technology, and digital transformation in economic activities. 

It is necessary to develop a resolution on improving the trade and investment environment, amending mechanisms and policies to attract foreign direct investment, and giving assistance to businesses that face difficulties, the PM requested. 

The government has recently sent 26 working groups to all 63 provinces and cities of the country, where they received more than 1,000 opinions and recommendations and resolved 300 recommendations on the spot, the Vietnam News Agency cited PM Chinh as saying.

The government’s chief requested all relevant ministries take effective measures to support exporters, expand export markets and make the best use of the domestic market.

The Ministry of Finance was required to carry on effectively implementing tax exemption, reduction and extension policies, extending  deadlines for excise tax payment, and speeding up VAT refund, among other tasks.

The PM also asked the State Bank of Vietnam to continue reducing lending interest rates, restructure the loan repayment terms, keep the foreign currency market stable, and effectively manage the exchange rates.

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Vinh Tho - Ngoc An / Tuoi Tre News

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